There has been an awful lot of skepticism about the recent jobs report, indeed the whole decline in the jobless rate this year, and I have certainly been vocal about that.
Did you know that when the BLS does its household survey to see who to list as employed or not, that part-time jobs are counted as employed?
How part-time? How about simply mowing your neighbor’s lawn last month? Even if he decided not to pay you after all, if you reported that you mowed his yard and expected pay – presto! – you were employed last month! Get paid for helping someone move? – yup, you are now officially employed. The president has just created another job.
The reason I bring this up is that the biggest increase in this last jobs report was in part-time jobs. That may reflect hiring for holiday help but as I say, it could be who knows what else.
If you are interested in seeing the other things wrong with the unemployment rate see my October newsletter. Just click on Newsletter at the top of this page.